Bitcoin Rejected at $110K Despite US-China Trade Deal and Favorable CPI Numbers: Market Watch

Despite the positive news on the US-China trade front and the CPI numbers in the States, bitcoin’s price failed to capitalize and has fallen by over two grand.

Most altcoins are also in the red today, with DOGE, SUI, ADA, LINK, TRX, and AVAX posting big losses.

BTC Stopped at $110K

After last Friday’s violent correction amid the rising tension between US President Trump and former ally Musk, when BTC plunged below $100,500, the primary cryptocurrency was actually going strong for a while. It managed to recover all losses by the weekend and started to gain traction at the start of the current business week.

Bitcoin spiked to $110,500 on a few occasions as the week progressed, and the latest example came yesterday when the asset came just over a grand away from tapping a new all-time high.

The macroeconomic scene improved as the POTUS said Washington and Beijing are very close to a trade deal, while the US CPI data for May was more favorable than expected. However, BTC failed to keep climbing and was quickly stopped at the $110,000 mark and pushed south by over $2,500.

As of now, it still trades below $108,000, and its market cap has slumped to $2.140 trillion. Its dominance over the alts stands still at 61% on CG.

Alts in Retreat

Most altcoins registered impressive gains in the past several days, so it’s rather expected that red dominates the charts today. Ethereum, which recently painted a multi-month peak, is down by just over 1% and trades at $2,750. XRP has lost the $2.3 line and is below $2.25 after a 4% daily decline.

Even more painful declines come from the likes of DOGE, TRX, SOL, ADA, SUI, LINK, and AVAX, with daily drops of up to 6-7%.

SPX is once again the top gainer today, having surged by almost 9%, while JUP, FET, and SEI lead in terms of value lost.

The total crypto market cap has shed over $70 billion and is down to $3.510 trillion on CG.